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Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets


Omnichannel retailer Bluestone has raised Rs 100 crore or $12 million in debt from Neo Markets. This is the third debt investment for the Bengaluru-based company this year.

The board at Bluestone has passed a special resolution to issue 10,000 debentures at Rs 1,00,000 each to raise the above-mentioned sum, its regulatory filings sourced from the Registrar of Companies show.

The development has come at a time when the Peak XV-backed company reportedly aims to raise $100 million in its pre-IPO round. As per media reports, the pre-IPO funding will be a mix of primary and secondary where the early backers may score hefty returns.

The company has raised around $190 million to date including $66 million from Ranjan Pai and others in September last year. According to the startup data intelligence platform TheKredible, Accel is the largest stakeholder amongst investors with 21.2% followed by Kalari Capital which holds 12.35% of the company.

Founded in 2011 by Gaurav Singh Kushwaha, Bluestone provides an extensive jewelry collection for both men and women, available through its website and network of offline stores. According to the firm’s website, it operates over 190 stores across 75 cities.

Bluestone continued to grow its revenue and narrow losses in the fiscal year ending March 2023. During FY23, the firm achieved 65% year-on-growth and its collection stood at Rs 787 crore while its losses dwindled 87% to Rs 167 crore. It’s yet to file its annual results for FY24.

It directly competes with Melorra, Giva,  and CaratLane. Titan, which owned 99.64% stake in CaratLane, recently said that it will buy the remaining 0.36% stake of the company for Rs 60.08 crore ($7.2 million).

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